Economic Growth

  • J. Harvey
  • M. Johnson


Growth means an increase in the productive capacity of an economy over time. It can be measured, rather crudely, as the rate of change of GNP per head of the population. This measure, however, is subject to all the criticisms of the concept of GNP itself. It may not necessarily mean that more consumer goods are available; the extra capacity may be used to produce further capacity or simply to put a man on the moon. Nor does it allow for social costs involved in producing and consuming or for changes in the quality of goods, leisure time or other elements of the ‘quality of life’.


Full Employment Price Stability Output Capacity Money Income Marginal Propensity 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© J. Harvey and Janet Johnson 1973

Authors and Affiliations

  • J. Harvey
    • 1
  • M. Johnson
    • 2
  1. 1.University of ReadingUK
  2. 2.Hatfield PolytechnicUK

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